Barkham Real Estate and Globalisation

1. Auflage 2012
ISBN: 978-1-118-35167-3
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 288 Seiten, E-Book

2000 to 2010 was a remarkable decade for real estate. It startedwith the dot.com bubble and ended with the putative recovery fromthe Great Financial Crisis. The period in-between featured theworld's first coordinated real estate boom and slump. This book isbased on a series of briefings on the relationship between macroeconomic events and real estate markets in the era of globalisationthat covered the period. Collectively they offer unique insights,new ideas and practical approaches to real estate economics,grounded in the day-to-day realities of investment, development andfund management operations in a leading international propertycompany.
All the briefings are based on research conducted by asophisticated in-house research team with expertise inmacroeconomics, urban economics, financial economics andeconometrics, led by a well- known specialist in the field. Thetopics highlight the relationship between real estate markets andglobal economic and political events - an area not wellcovered by academic journals.
A compelling introduction considers the dramatic boom and slumpin real estate values that led up to the Great Financial Crisis.The briefings are then presented, grouped into broad themes: macroeconomics and real estate; GDP, recessions and inflation; REITs;construction; Asia; retail, offices and housing markets; theformation of investment yields. A final chapter considers themedium-term future for real estate in the context of the ongoingfinancial crisis.
Topics span the key sectors of office, retail and residentialreal estate in over 40 countries, with a focus on private sectorinvestment, development and management. The perspective is longterm, reflecting Grosvenor's unique position in real estate as aprivately owned group.
The author provides a commentary on each topic, giving contextto the research and the implications for strategy, drawing out twounifying themes: the effect of globalisation; and the importance ofmacro economics and geo-politics in real estate research.
Together, the briefings offer a penetrating analysis of realestate markets in the era of globalisation and financial crises.The era of crises is far from over, and Real Estate andGlobalisation provides invaluable insights for propertyprofessionals worldwide - developers, occupiers, investmentanalysts and planners - on the nature of the processes thatcreate such intense property market volatility. The book is also aunique source of guidance on practical property research for finalyear undergraduates and postgraduates on property courses, as wellin geography, planning, architecture, and construction.

Autoren/Hrsg.

Barkham, Richard

Inhaltsverzeichnis

Introduction: The Housing Economy and the Credit Crunch
The Irish Example
International Historical Housing Market Context
Dynamics of the Housing Market
Housing Market and the Economy
Origins and Impact of Credit Crunch
Objectives and Structure of Book
The Housing Boom, the Bust and US Housing Policy
House Prices from 1995 to Present
Housing Reforms for the Future
Housing Bubbles and Foreclosures that Follow: The Case of Las Vegas
Data and Definition of Property Flipping
Anatomy of Boom Bust Market Dynamics
Foreclosure Activity after the Bubble Burst
Concluding Thoughts
Unemployment Risk, Homeownership and Housing Wealth: Lessons from the Bubble Aftermath in Japan
Housing Bubble and Burst in Japan
Unemployment Risk and Homeownership
Housing Wealth and Consumption
Conclusion
Appendices: Details of Statistical Analysis
The Changing Nature of Household Demand and Housing Market Trends in China
Introduction to the Housing Market
Population Growth Hypothesis
Income Growth Hypothesis
Monetary Policy Hypothesis
Conclusions
The Structural Sustainability of Home Ownership in Australia
Australia's Housing System
Future Projections of Home Ownership and Sustainability
Conclusions
Impacts on Wealth and Debt of Changes in the Danish Financial Framework over a Housing Cycle
Dynamics of Recent Danish Housing Market Cycles
Changing Structure of Owner-Occupation
Changing Mortgage Finance and Indebtedness
The Financial Stability of Owner Occupied Households
Conclusions
Market Stability, Housing Finance and Home Ownership in Germany
Characteristics of the German Housing Market
German Housing Price Trends: An International Comparison
Housing Demand and Housing Investment
The Contribution of the Financing System
The Impact of the Financial Crisis on the German Housing Market
High Down Payment Constraints and Stability: Contradicting Aims? The role of the Savings Behaviour
Conclusion and Outlook
The Responsiveness of New Supply to House Prices: A Perspective from the Spanish Housing Market
Housing Supply Trends
Spanish Housing Market Cycle Pre and Post the Financial Crisis
Estimation of the Supply Elasticity of New Houses
Summary and Conclusion
Appendices: Details of Statistical Analysis
The UK Housing Market Cycle and the Role of Planning: the Policy Challenge following the Financial Crisis
Housing Market Context
Anatomy of the Housing Market Boom and Bust
Evolution of the Planning Framework in UK
Recent Planning Policies
The Planning Policy Consequences of the Recession and Beyond
New Planning Agenda
Conclusions
Developments in the Role of Social Housing in Europe
Looking Back: Social Housing and the Welfare State in Europe
Outcomes
Future Development
Conclusion
Delivering Affordable Housing in the UK
Historic Social Housing Context in Scotland
Background to the Current Scottish Affordability Challenge
Assessing the Emerging Models
Concluding Discussion
The UK Private Rented Sector as a Source of Affordable Accommodation
The Private Rented Sector within the Housing System
Potential Policy Developments
Potential Attraction of Large Investors
Summary and Conclusions
Conclusions: The Challenges Ahead
The Credit Crunch
Commonalities and Challenges
The Future
Concluding Remarks
References

Über Autor(innen)

Dr Richard Barkham MRICS, Group Research Director, Grosvenor, and a Director of Grosvenor Fund Management, heads a global research team of ten full time real estate economists. He has an extensive track record of highly cited real estate research and is a regular presenter at major conferences on real estate trends.